03.18.10 | A Financial Aid Tip for Graduate Students
Without a doubt, graduate school is the most expensive type of schooling you can pay for in the continuum of higher education. Due to the amplified nature of your expenses when pursuing an advanced degree, the government and many private lenders have a variety of programs and relaxed restrictions for graduate borrowers.
Did you know you’re allowed to borrow more money in your lifetime?
The Department of Education currently allows graduate and post graduate students pursuing degree programs to borrow up to $138,500 in federal loans throughout your lifetime. Medical students actually get an even better deal and can borrow up to $224,000. If you’re interested in learning more, check out my blog on borrowing limits.
If you’re wondering being able to put yourself into more debt is a good thing, the answer lies in the details. No matter how you slice it, unless you are incredibly wealthy, you will have to take out loans to pay for your advanced degree(s). The benefit of being able to take out more federal loans than private ones is the fact that 9 times out of 10, federal loans have much lower interest rates and better repayment plans.
For instance, the Income-Based Repayment (IBR) plan available through the Department of Education bases your monthly payments off of your total income; if you are jobless or are making very little money for your first few years out of school, your payments will likely be zero or near zero. Crazy, huh? You will not find a repayment plan anywhere near that generous outside of federal loan offerings.
ScholarshipPoints Redemption Code: GRADTIP310

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